Company Pensions - Making the Right Choices
Barnes & Sherwood are an independent and professional benefits consultancy skilled in providing expert, informed advice on all aspects of pensions and employee benefits. We have a large and growing client base of UK businesses that rely on us to advise and administer their pension and benefit schemes. We help businesses successfully meet the array of challenges they face in providing attractive benefits that have a high engagement with workers.
Why are Pensions and Employee Benefits Important?
Staff engagement and motivation are strongly linked to productivity and this is a key purpose of any benefits strategy. The world of compensation and benefits is becoming more sophisticated. It is an important factor in boosting productivity and service levels throughout the organisation. To achieve this around two-fifths of employers spend between 11% and 20% of payroll on their benefits programme. Given this outlay, it is no surprise that the biggest issue shaping most employers’ benefits strategies is to improve the perceived value of the benefits package throughout the organisation, but that is not easy. The right level and mix of benefits for your staff is central to the success of your business.
Pension Laws Are Changing - Find out what Auto Enrolment means for your Business.
In a recent survey, Employee Benefits magazine noted that -
74% of readers say complying with the auto-enrolment pension reforms increase costs. 38% intend to review future pay increases to help fund compulsory employer contributions, while 30% will absorb cost increases in other business areas. 70% feel responsible for employees’ long-term financial wellbeing and 74% say it is part of their HR strategy to offer a high-quality pension plan. We can help with these changes as auto enrolment introduces new duties on employers to provide a workplace pension scheme and gives new rights for many workers. New duties mean you may need to enrol some or all of your workers into a pension scheme that meets the standards of a ‘qualifying scheme’. We can assist and guide you to enable your business to successfully address all your legal obligations.
If you would like help auditing your present scheme, looking to reduce costs or simply want better benefits for your workers and management to promote scheme engagement, we can provide the professional assistance you need.